Tom Cruise recently settled a $50 million defamation lawsuit against a publisher of two tabloid magazines.

In 2012 the Hollywood actor, 50, filed a lawsuit against Bauer Publishing Co. over two "abandonment" stories printed in In Touch Weekly and Life & Style magazines. The tabloids previously claimed Cruise had "abandoned" his 7-year-old daughter Suri, but in a statement relating to Friday's lawsuit settlement, Bauer insisted that it never intended to suggest that the actor had completely cut off child.

"Bauer Publishing, as well as In Touch and Life & Style magazines, never intended to communicate that Tom Cruise had cut off all ties and abandoned his daughter, Suri, and regret if anyone drew that inference from anything they published," Bauer Publishing and Cruise's lawyer wrote in a joint statement obtained by CNN, adding that the terms of the settlement were confidential.

The settlement comes less than two weeks after reports claimed lawyers for Bauer were considering subpoenaing Cruise's ex-wife Kate Holmes to sit for a deposition. The couple's divorce was finalized in 2012 and the terms of their divorce settlement remain sealed under New York law.

"The decision hasn't been made yet. It's certainly possible. A decision is likely to be finalized in the next few months," a source previously told RadarOnline regarding Holmes.

In a sworn deposition in November, Cruise, who agreed to give Holmes primary custody of Suri, described the two "abandonment" stories as "disgusting" and insisted that he maintains a close bond with Suri despite his failed marriage.

"Even during the times when I was working overseas and was not able to see Suri in person, we were (and continue to be) extremely close," he explained.

Cruise was photographed with his daughter in the months shortly after his divorce was finalized. However, the two tabloids ran a story in July 2012 implying that the actor had turned his back on his child, which prompted his attorneys to file suit.

"What I find most disturbing is that I have to sit here and look at this photograph of my daughter with 'Abandoned by Daddy'—to me, that is what sticks out the most," Cruise said in his Sept. 9 deposition according to E! News.